1. We have audited the accompanying standalone
financial statements of Dabur India Limited ('the
Company'), which comprise the Balance Sheet
as at 31 March 2026, the Statement of Profit
and Loss (including Other Comprehensive
Income), the Statement of Cash Flows, the
Statement of Changes in Equity for the year
then ended, notes to the standalone financial
statements and material accounting policies
and other explanatory information.

2. In our opinion and to the best of our information
and according to the explanations given to us,
the aforesaid standalone financial statements
give the information required by the Companies
Act, 2013 ('the Act') in the manner so required
and give a true and fair view in conformity
with the Indian Accounting Standards ('Ind AS')
specified under section 133 of the Act read with
the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles
generally accepted in India, of the state of affairs
of the Company as at 31 March 2026, and its
profit (including other comprehensive income),
its cash flows and the changes in equity for the
year ended on that date.

BASiS FOR OPiNiON

3. We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under

section 143(10) of the Act. Our responsibilities
under those SAs are further described in the
Auditor's Responsibilities for the Audit of the
Standalone Financial Statements section of our
report. We are independent of the Company
in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants
of India ('ICAI') together with the ethical
requirements that are relevant to our audit of
the financial statements under the provisions
of the Act and the rules thereunder, and we
have fulfilled our other ethical responsibilities
in accordance with these requirements and
the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion
on the standalone financial statements.

KEY AUDiT MATTERS

4. Key audit matters are those matters that,
in our professional judgment, were of most
significance in our audit of the standalone
financial statements of the current period.
These matters were addressed in the context
of our audit of the standalone financial
statements as a whole, and in forming our
opinion thereon, and we do not provide a
separate opinion on these matters.

5. We have determined the matters described
below to be the key audit matters to be
communicated in our report.

Information other than the Standalone Financial
Statements and Auditor's Report thereon

6. The Company's Board of Directors are
responsible for the other information. The
other information comprises the information
included in the Management Discussion and
Analysis, Report on Corporate Governance,
Business Responsibility and Sustainability
Report and Directors' Report, but does not
include the standalone financial statements
and our auditor's report thereon.

Our opinion on the standalone financial
statements does not cover the other
information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the standalone
financial statements, our responsibility is to
read the other information and, in doing so,
consider whether the other information is
materially inconsistent with the standalone
financial statements or our knowledge
obtained in the audit or otherwise appears
to be materially misstated. If, based on the
work we have performed, we conclude that
there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard except
for affirmation in director's report of absence
of any adverse remark in auditor's report.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

7. The accompanying standalone financial
statements have been approved by the
Company's Board of Directors. The Company's
Board of Directors are responsible for the
matters stated in section 134(5) of the Act with
respect to the preparation and presentation
of these standalone financial statements
that give a true and fair view of the financial
position, financial performance including other
comprehensive income, changes in equity and
cash flows of the Company in accordance with
the Ind AS specified under section 133 of the
Act and other accounting principles generally
accepted in India. This responsibility also

includes maintenance of adequate accounting
records in accordance with the provisions of
the Act for safeguarding of the assets of the
Company and for preventing and detecting
frauds and other irregularities; selection
and application of appropriate accounting
policies;making judgments and estimates
that are reasonable and prudent; and design,
implementation and maintenance of adequate
internal financial controls, that were operating
effectively for ensuring the accuracy and
completeness of the accounting records,
relevant to the preparation and presentation
of the financial statements that give a true
and fair view and are free from material
misstatement, whether due to fraud or error.

8. In preparing the financial statements, the
Board of Directors are responsible for
assessing the Company's ability to continue
as a going concern, disclosing, as applicable,
matters related to going concern and using the
going concern basis of accounting unless the
Board of Directors either intend to liquidate
the Company or to cease operations, or has
no realistic alternative but to do so.

9. Those Board of Directors are also responsible
for overseeing the Company's financial
reporting process.

Auditor's Responsibilities for the Audit of the

Standalone Financial Statements

10. Our objectives are to obtain reasonable
assurance about whether the standalone
financial statements as a whole are free from
material misstatement, whether due to fraud
or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee
that an audit conducted in accordance with
Standards on Auditing will always detect
a material misstatement when it exists.
Misstatements can arise from fraud or error
and are considered material if, individually or
in the aggregate, they could reasonably be
expected to influence the economic decisions
of users taken on the basis of these standalone
financial statements.

11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act we exercise professional judgment and
maintain professional skepticism throughout
the audit. We also:

Ý Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to
those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a
material misstatement resulting from fraud
is higher than for one resulting from error,
as fraud may involve collusion, forgery,
intentional omissions, misrepresentations,
or the override of internal control;

Ý Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in
the circumstances. Under section 143(3)
(i) of the Act we are also responsible for
expressing our opinion on whether the
Company has adequate internal financial
controls system with reference to financial
statements in place and the operating
effectiveness of such controls;

Ý Evaluate the appropriateness of accounting
policies used and the reasonableness
of accounting estimates and related
disclosures made by management;

Ý Conclude on the appropriateness of Board
of Directors' use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that
may cast significant doubt on the Company's
ability to continue as a going concern. If we
conclude that a material uncertainty exists,
we are required to draw attention in our
auditor's report to the related disclosures
in the financial statements or, if such
disclosures are inadequate, to modify our
opinion. Our conclusions are based on the
audit evidence obtained up to the date of
our auditor's report. However, future events
or conditions may cause the Company to
cease to continue as a going concern; and

Ý Evaluate the overall presentation, structure
and content of the financial statements,
including the disclosures, and whether
the financial statements represent the
underlying transactions and events in a
manner that achieves fair presentation.

12. Materiality is the magnitude of misstatements
in the standalone financial statements that,
individually or in aggregate, makes it probable
that the economic decisions of a reasonably
knowledgeable user of the standalone financial
statements may be influenced. We consider
quantitative materiality and qualitative factors
in (i) planning the scope of our audit work
and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified
misstatements in the standalone financial
statements.

13. We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit
and significant audit findings, including any
significant deficiencies in internal control that
we identify during our audit.

14. We also provide those charged with
governance with a statement that we have
complied with relevant ethical requirements
regarding independence, and to communicate
with them all relationships and other matters
that may reasonably be thought to bear on our
independence, and where applicable, related
safeguards.

15. From the matters communicated with those
charged with governance, we determine
those matters that were of most significance
in the audit of the standalone financial
statements of the current period and are
therefore the key audit matters. We describe
these matters in our auditor's report unless
law or regulation precludes public disclosure
about the matter or when, in extremely rare
circumstances, we determine that a matter
should not be communicated in our report
because the adverse consequences of
doing so would reasonably be expected to
outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory
Requirements

16. Further to our comments in Annexure A, as

required by section 143(3) of the Act based on

our audit, we report, to the extent applicable,

that:

a) We have sought and obtained all the
information and explanations which to
the best of our knowledge and belief were
necessary for the purpose of our audit of
the accompanying standalone financial
statements;

b) in our opinion, proper books of account
as required by law have been kept by the
Company so far as it appears from our
examination of those books;

c) The standalone financial statements dealt
with by this report are in agreement with
the books of account;

d) in our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under section 133 of the Act;

e) On the basis of the written representations
received from the directors and taken on
record by the Board of Directors, none of
the directors is disqualified as on 31 March
2026 from being appointed as a director in
terms of section 164(2) of the Act;

f) With respect to the adequacy of the
internal financial controls with reference
to financial statements of the Company
as on 31 March 2026 and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B" wherein
we have expressed an unmodified opinion;
and

g) With respect to the other matters to
be included in the Auditor's Report in
accordance with rule 11 of the Companies
(Audit and Auditors) Rules, 2014 (as
amended), in our opinion and to the best
of our information and according to the
explanations given to us:

i. the Company, as detailed in note 46 to
the standalone financial statements,
has disclosed the impact of pending
litigations on its financial position as at
31 March 2026;

ii. the Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses as at 31
March 2026;

iii. There has been no delay in transferring
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company during the year
ended 31 March 2026;

iv. (a) The management has represented

that, to the best of its knowledge
and belief, other than as
disclosed in the notes to the
accounts, no funds have been
advanced or loaned or invested
(either from borrowed funds or
securities premium or any other
sources or kind of funds) by the
Company to or in any person or
entity, including foreign entities
('the intermediaries'), with the
understanding, whether recorded
in writing or otherwise, that the
intermediary shall, whether,
directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever by or
on behalf of the Company ('the
Ultimate Beneficiaries') or provide
any guarantee, security or the
like on behalf of the Ultimate
Beneficiaries;

iv. (b) The management has represented
that, to the best of its knowledge
and belief, other than as disclosed
in the notes to the accounts, no
funds have been received by the
Company from any person or
entity, including foreign entities
('the Funding Parties'), with the
understanding, whether recorded
in writing or otherwise, that the
Company shall, whether directly or

indirectly, lend or invest in other
persons or entities identified in
any manner whatsoever by or
on behalf of the Funding Party
('Ultimate Beneficiaries') or provide
any guarantee, security or the
like on behalf of the Ultimate
Beneficiaries; and

iv. (c) Based on such audit procedures

performed as considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us
to believe that the management
representations under sub¬
clauses (a) and (b) above contain
any material misstatement.

v. The final dividend paid by the Company
during the year ended 31 March 2026.
Declared for the previous year is in
accordance with section 123 of the
Act, as applicable. Further, the interim
dividend declared and paid by the
Company during the year ended 31
March 2026 and until the date of this
audit report is in compliance with
section 123 of the Act. Further, as
stated in note 45 to the accompanying
standalone financial statements, the
Board of Directors of the Company have
proposed final dividend for the year
ended 31 March 2026 which is subject
to the approval of the members at the
ensuing Annual General Meeting. The
dividend declared is in accordance with
section 123 of the Act, as applicable

vi. Based on our examination which included
test checks, the company has used
accounting softwares for maintaining
its books of account which, along with
change log management, have a feature
of recording audit trail (edit log) facility
and the same has operated throughout
the year for all relevant transactions
recorded in the softwares. Further,
during the course of our audit we did
not come across any instance of audit
trail feature being tampered with which
has been preserved as per statutory
requirement for record retention.

17. As required by section 197(16) of the Act based
on our audit, we report that the Company has
paid remuneration to its directors during the
year in accordance with the provisions of and
limits laid down under section 197 read with
Schedule V to the Act.

18. As required by the Companies (Auditor's Report)
Order, 2020 ('the Order') issued by the Central
Government of India in terms of section 143(11)
of the Act we give in the "Annexure A", a statement
on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

For G Basu & Co

Chartered Accountants
Firm Registration No: 301174E

Subroto Lahiri

Partner

Place : New Delhi Membership No.: 051717

Date : 07 May 2026 UDIN: 26051717GNSVCZ4166